DEGO Token Plunges 9% After $650K Liquidations and Major Exchange Transfers Amid DeFi Campaign

In the past 24 hours, DEGO/USDT experienced heightened volatility primarily due to large-scale token transfers to exchanges and subsequent liquidations of over $650,000 in long positions. This activity followed an official announcement by Dego Finance regarding the purchase and reserve of the USD1 token as part of a DeFi liquidity campaign, which, despite its intended positive impact, triggered significant sell-offs by large holders and retail panic. As a result, DEGO's price dropped sharply, with the current Binance price at $1.258, down 9.17% from the 24-hour open of $1.385. Trading volumes surged, reflecting intense market activity and a rapid decline in market capitalization, with the asset now stabilizing near its recent lows after the sharp correction.